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T. Rowe Price is an investment management firm that serves clients around the globe. For more than 80 years, millions of people have trusted T. Rowe Price to help them achieve their long-term financial goals. Their strategic investing approach has guided them since 1937 and is driven by independent thinking and rigorous research.
When T Rowe Price rolled out a new process for creating an online investment account, they discovered a 37% drop off on the very first step after users opened the webpage.
The team knew this issue needed to be fixed quickly, but how would they go about it?
The design team had access to UserTesting, so they quickly launched an unmoderated test to uncover what the root cause of the problem was.
They showed test participants two pages from the online experience, from clicking on the Open and Account buttons to the next page where they were asked for their name, email, and investment amount.
Feedback from users indicated that they were not expecting to get into the process of opening an account right away.
Instead, UserTesting revealed that users wanted more information first.
As a result, within hours of discovering the problem, the team was able to report back to product owners with recommendations that closed the 37% drop off rate.
"UserTesting has totally changed the perception about user research being an expensive and time-consuming process."